India's TCS Q3 profit surges 49.6 pct, beats estimates
MUMBAI Jan 16 (Reuters) - Tata Consultancy Services Ltd said quarterly consolidated net profit surged 49.6 percent, its fastest pace of increase in at least two-and-half years, helped by increasing demand for outsourcing services in the United States and Europe.
Consolidated net profit rose to 53.14 billion rupees ($863.29 million) for the quarter ended December from 35.52 billion rupees a year earlier, TCS said on Thursday. The profit beat the average estimate of 51.3 billion rupees, according to a Thomson Reuters poll of 23 analysts.
Shares of Tata Consultancy, the leader in India's export-driven $108 billion IT outsourcing industry, have risen nearly 76 percent over the last 12 months, compared with a 6.4 percent rise for the main index.
The stock closed down 0.14 percent ahead of the earnings announcement at 2,350.30 rupees.
($1 = 61.5550 Indian rupees) (Reporting by Aradhana Aravindan; Additional reporting by Tripti Kalro; Editing by Miral Fahmy and Sunil Nair)